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In the important race for Oakland’s next mayor, much has been made about the union support behind Barbara Lee, who has the support of the city’s working people as well as business, cultural and political leaders. But little attention is being paid to the staggering sums of dark money and out-of-town billionaire contributions flooding in to support Loren Taylor’s campaign. While unions transparently represent working Oaklanders who are nurses, firefighters, librarians, and teachers, Taylor’s backers include hedge fund billionaires, corporate landlords, and venture capitalists with deep pockets and unclear motives.
Dark Money and Hedge Fund Billionaires
The Revitalize East Bay Committee has funneled a jaw-dropping $267,000 into the pro-Taylor “Responsible Leadership for Oakland” independent expenditure (IE). Yet, the source of these funds is shrouded in secrecy. Despite forming a new Oakland-affiliated PAC on April 1, Revitalize has not disclosed its donors. This lack of transparency raises serious questions about accountability and influence.
Historically, Revitalize has been supported by Philip Dreyfuss, a Piedmont-based hedge fund executive whose firm, Farallon Capital Management, has substantial investments in coal. Last year alone, Dreyfuss donated $440,000 to Revitalize, which spent over $900,000 on local races, including the recall campaign against Alameda County District Attorney Pamela Price. Additional donations have come from real estate developers and corporate landlords, including Holland Residential California ($120,000). Are these the interests Oaklanders want dictating their city’s future?
Corporate Landlords and Real Estate Developers
Corporate landlords and real estate developers have emerged as the second-largest source of outside spending for Taylor, contributing over $107,000 to two pro-Taylor IEs. The “Responsible Leadership” IE received $25,000 from corporate landlords and developers, $10,000 each from Joe Ernst of Ernst Development and the Petrowskys, a pair of real estate developers, and $9,999 from James Ellis of the developer and landlord firm Ellis Partners.
The “Oakland Neighbors” IE reported$25,000 from Ronald Nahas, another developer and corporate landlord.
These contributions underscore the growing concern that Taylor’s backers are more interested in protecting their own financial interests than addressing Oakland’s housing crisis or equitable development.
Tech and Venture Capital Money
Taylor’s campaign has also drawn significant funding from Silicon Valley tech moguls and venture capitalists, including $70,000 from Max Hodak, co-founder of Neuralink and former associate of Elon Musk and $10,000 from Garry Tan of Y Combinator, a major venture capital firm, who has recently praised both Donald Trump and JD Vance.
While innovation and technology have their place, their outsized influence in Oakland politics raises red flags about whose voices will truly be heard if Loren Taylor is elected mayor.
Taylor and his supporters are trying to paint Lee as the “establishment” candidate when his campaign is awash in money from hedge funds, real estate moguls, and tech billionaires, many of whom have little connection to Oakland’s day-to-day struggles. These corporate interests are not spending hundreds of thousands of dollars out of altruism—they expect a return on their investment. If Taylor wins, will he prioritize the needs of regular Oaklanders, or will he be beholden to the billionaires and corporate landlords bankrolling his campaign?
This election is about more than choosing a mayor. It’s about choosing whose voices will matter in shaping Oakland’s future. Will it be the working people and families who live here, or the wealthy outsiders and corporations who view Oakland as an opportunity for profit? The stakes could not be higher on this April 15 special election: Oaklanders deserve to know the truth about who is funding Loren Taylor—and why.
